HOW WILL THE CORONAVIRUS IMPACT CLEANTECH?

It’s said that war and turmoil breed innovation and disruption. In the first quarter of 2020, COVID-19 has certainly delivered such turbulence to markets and communities, on a global scale. The resultant disruption has the potential to recalibrate existing business models and change the way we approach other world-wide challenges. For our industry, that means paving the way for more sophisticated solutions to climate change mitigation, such as advanced cleantech developments.

Turmoil stimulates innovation

?Amongst the many examples of this phenomenon is the dotcom bubble of the late 1990s. Numerous companies overlooked the advantages provided by the internet – new business models, key technology efficiencies and a platform to develop 21st century products and services – to focus purely on branding and advertising that appealed to investors. The short-term desire to create market buzz and boost share price, rather than the establishment of sustainable businesses that utilised innovative technology, resulted in an economic tsunami that wiped out US$1.75 trillion of investment. Most stocks declined in value by 75 per cent, compared to their all-time performance highs.

However, the infrastructure and economic foundation built prior to the bubble provided a solid base for long-term players such as Google, Amazon and Facebook. Despite ending the dreams of many an internet entrepreneur, the dotcom bubble paved the way for disruptors such as app developers and platform providers. As a result, an entirely new range of products and services with greater market relevance and consumer value was developed.

Innovation spurs disruptors

COVID-19 will have a similar impact, with the emergence of a new generation of business leaders committed to an era of innovation. Dynamic times call for dynamic solutions, which is why a range of industries will become less risk-averse and less conservative in their approach to tackling obstacles and overcoming setbacks. We’re about to enter an era in which R&D, technology and data analysis will come to the fore.

Mineral Carbonation International (MCi) was founded in 2013 upon a long-term vision of innovation and considerable government support. Since then, we’ve developed Australian-led carbon engineering technologies capable of transforming CO2 emissions from any industrial source into valuable bulk materials.

Our tenacity for breaking down the technical barriers that defeated many of our competitors resulted in the establishment of a world first – a global reference mineral carbonation pilot plant in Newcastle (New South Wales). Our carbon utilisation platform has also contributed to the development of an entirely new industry.

Over the past six months we’ve witnessed how national and international crises influence the perspective of government, industry and key thought leaders – particularly their investment in creative problem solving. We’ve observed that a range of industries are actively seeking innovative solutions to the challenges they face, as a wider range of options are being taken into consideration.  

Increased collaboration

This awakening has occurred not merely in business and industry but also in the general public. There’s a wider appetite for intelligent, collaborative responses to global challenges such as climate change – particularly the increased use of new technologies.

The public health response to the COVID-19 has reminded people in every nation of the importance of data collection and high-level analysis to effective large-scale problem solving. In similar fashion, our response to climate change requires the use of technology as our guiding light. As the technology is developed by industry, the policy and standards response will become more sophisticated.

It’s also an important time to collaborate, share and inspire one another – to come together as a professional community. Industry leaders have a responsibility to develop platforms and communities that encourage shared insights and a common knowledge base. Within our industry a range of organisations have been established to support those involved with the entire CO2 value chain, from carbon capture to carbon utilisation. CO2 Value Europe, established in Brussels, supports the European business community responsible for the development of this new industrial sector. Here in Canberra, CO2 Value Australia represents a wide range of CO2 utilisation stakeholders and partners which are unified in their objective of a lower carbon future. It’s an exciting era of growth and discovery for those of us focused on sustainable clean technology solutions that transform CO2 into useful products.

The ultimate disruptor

Could the Coronavirus pandemic be the disruptor that agitates us to move from complacency to innovation? Can we embrace change, to become more agile and less apprehensive in our approach to the future? The ‘business as usual‘ perspective has, by necessity, been cast aside. Will this result in a new approach to problem solving, industry innovation and technology use?

I think the answer is all around us. Particularly for Australians, who emerged from a summer defined by catastrophic climate change into an autumn characterised by a global health crisis. As we battle our way through another era of turmoil it’s important to focus on the potential for change, growth and technological advances.

Marcus Dawe is the Chief Executive Officer of Mineral Carbonation International (MCi). Known as one of Australia’s most successful and innovative entrepreneurs, he’s led a diverse range of global initiatives in health, technology and climate change mitigation. MCi is a Canberra-based clean technology company that operates a world-leading plant facility in Newcastle designed to transform CO2 emissions into carbon neutral and carbon negative products.

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